Deutsche Börse stirs bank support to grab euro-clearing from London

Deutsche Börse has won early support from major banks for an initiative that will see Frankfurt compete against London for the clearing of euro-denominated derivatives after Brexit.

The exchange group’s clearing house, Eurex Clearing, said that Bank of America Merrill Lynch, Citigroup, JPMorgan and Morgan Stanley are among those to have shown early interest in participating. German lenders Commerzbank and Deutsche Bank have also voiced their support.